New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-12-11
SAMUEL SPENCER ELECTED
,,rprrxc OF THE BALTIMORE AND OHIO.
srs,oxAr1oN OF vIcE-PREsIpENr THOMAS Ne
TERMS OF THE SYNDICATE
ruraR,pI TO THE TRIBUSE1

...,1...-,o,s or Weep RESIDENT THOMAS ME- ni'''
TERMS OF THE SYNDICATE.
,r,SaRApa TO THE TRIBUNE
p,,rxorr. Dec 1O-samucl Spencer VINO not ,nany
-, a co was n clerk In the Baltimore ana UNIV i''
To-. -, 5000 a year. was today elected president VI
,h., corporation at the special mecthg o. 'ho "i
hsld 10 organize the board and mere par''cuia'p " w
on. n,ons proposed by tho Drerel-Morsah syhu'o"s
restore tho company toa soid hhah'"n '"'
che meeting the stockholders directors VINO "ero
,.,o6 ot tho annual meeting in November we're sworn
q, h, , u,tcs OF the peoce They are William f. burhs'
James Carey Coae George ". Dobbin Robert Jarrett
Harrison Garrett John Gregg. William keyser, ChatieS
= MAYER James /. McIans Decatur ID. miiier'
Jamss sloaH IT,, and G. A. Ven lAngen. Mr. burns
occuuied the chair and william H. Jams secretary Oh
,be ro,pany acted as OF the meeting Ihere
ware no other romins for president except tha'
Mr. spencer. The election took ouly moment H,'''
director said aye, and then committee compose "
Senator German, George W. Deboin ana Coioho Ho'o
ODER escorted the new president from 'no 1922
dents office 10 the chair that has lot 50 '"'"' '
occupied by a Garrett A., .x,i.h
Mr. spencer retur nod his thanks in speech IN wh'n
he declared that he saw great futufe i'f ''0 =,
aud OHIO. He said that "iread' ~ .u.sa
retrcnchment and economy h'd peo" ""l
ona ch.,ges made that would ssVo ""-'
tbousands OF dollars annually TO the company -"
,nns,.d that the policy cutting down expenses "ou
bs carefully followed and everything done 10 po "e
read speedily 10 position 10 resume 'no p"'
dvidends Whether the salary Of the now pres"en 40
axsd at to-day's meeting was no; made puphc o"' ~ "
.ala that Mr. Spencer will receive either S2o.ooo or
S25 600 a year. Neither the late John W. ""rret'no
Hohsrt Garrett would over accept more than Sioooa
year, mere nominal salary. John W. Garrett on ono
occasion when board voted TO increase MS si' 70
$4,000 declined the offer and In speech 10 ths o'oo
ora told them that it was against his spirit Of economy
ps wanted to conduct the cOrporatieh On an ec'"'
host. and To do that he believed in beginning al inc
head Vice President Spencer always receiVeu ih''o
salary than tho president Of the Baltimore ana ono' ~
d so IN. chief counsellor of the company tue general
messenger agent and other oihciaa IL USED 'o DC 0
that Mr. Garrett kept salary down to minimum
that the same policy could pursued with regard TO the
atbsr salaries Mr. Garrett however. sson discovered
that other railroad could not be employed az tue
sslarv that satisfied who nearly owned the ROAD
himself.
The resignation OF Thomas NJ. King, second vcepresi-
dent of the company accepted but his successor
was not named to-day and ne ether changes were made
General Counsel john K then held the attention
m the directors three hours while he read 70 then the
syndicats's terms Of the consolidated mortgage
The repsrt states that Of tho company
on ssptember 30, not by mortgage HENS was
oO7 S. The items of the floating debt proper
ara the loans and bills payable, amounting TO
S. 769 3l4 IL The OF 1888 800 o. due inc sinking
funds requires nc cash payners
The face OF the entire msin line mortcageaeo Is salsa
less paid on pea cent
and less ss4i i92 Of cancelled bonds In sterling funds
Dcsr axs bonds So reserved to be exchanged
tor the securities now in the sinking funds II 80 91
theso latter securities DO disposed ot Dy inc
COMPANY at ts pleasure and II net exchanged 800,
900 Of the consolidated T.rtSase bonds eaH Dc soa ana
contempates isposal them OF 100000 nersef
I5s n are 10 be reserved to retire the 81
the Indebtedness no. provided for by existing
The ansuai cash contributions to the sinking funds to
lDSn NIL he mel
fns fund as it now stands s3GOo3o l6, making total
rs ss4ea. e instead s OF ts sa
maid I'm cash to retire Indebtedness that VIII not fan due
until 1892 iyV anu mat amount Viii he paid into the
enkng funds each year and the decreasing increment OF
Thai fund will he paid In the same manner
The consolidated mortgage therefore, accomph'hes
Frst~it furnishes the company with at least
~ 800 600 OF bonds which can be disposed or
'scc.ndWThs company will be relieved in the future
NV plscp. therein consolidated mortgage bonds which 1t
WIN IT'S dOr po.as .r nsus fund
poses does increase the debt but simply Keeps 1t
Ie consolidated mortgage the main line and
branches exclusive OF the Washin on branch, between
mnnsv's Wa.nington branch stock. amounting at par
to ST. 600 and the entire amount OF the hIsi mort
RniIroad COMPANY amounting 10 So.OOO.oO0 and Sc
cure ny gage upon Its line between PtisDurs and
Tie nain line mOrtcace debt including car trust
bonds PLACED = Ind ;t and secynd prsc2e
stock six per cent. $4,000 600 win interest amount
Ing TO $500 900 The total rentals Of leased lnes
a1oup 10 Ss65 O5l The report states that after diy
Send of p.r cent paid May IL there was balance
srna earunrs OF ~ sos 81. besides provision Tor
dnon of the bonded debt and for sinking funds 10 the
amount OF S775.36l 80.
o., - issrs of S5COO.O0O OF consolidated mortgage
", .uJ nf - 600 600 OF preferred STOCK assuming
that the entire S25OOO00 OF car trust bonds VIII be
ma ma. tIs charges for ss3 will De as follows
Interest on -. 100000 car trust -
honas due January J. laoS 800 S3t,HJO OO
PAYMENT OF prime pal OF car trust o-....oo
bonds January !. lSoS-..--.-..-- z01'oVV W
Interest lrlSt oOhss 81 -"V,- ~
July /, 1888 1oo%o"o
,,,l ........... s.;j6s15 90
Dsauct amount OF interest Oh car
trust bonds July l. lSS7-....---- 4f.'SO w
The inc ease; n Isss over isS7 IS $500
Add for int rest on s'.ODVVHO ...ooo.
new consolidated mOTtg age bonds Z5OOO' W
For dividends s5OoO."OO Ntrn ...,.o oo
series, yer cent preferred STOCK 5ooVOOOO -.oo.oo
Toto, .......... s,jeOsJ %